NZ sharemarket edges up early

File photo / Paul Estcourt

The New Zealand sharemarket edged ahead in early trading this morning, with Pike River Coal adding to its gains of yesterday.

Around 10.15am the benchmark NZX-50 index was up 3.28 points to 3238.17, after scrabbling up just 2.2 points yesterday.

Pike River was up 3c early to $1.23, its highest level in nearly two years. Yesterday it gained 7c after reporting its West Coast mine had passed another milestone, installing its hydro-monitor system, and continued to increase daily production.

Cavalier Corp rose 4c to $3.04, Goodman Property Trust, which yesterday announced a development estimated to cost $5.1 million at its Glassworks Industry Park in Christchurch, was up 2c to $1.01.

Diligent Boardbooks was up 1c early to 65c after reporting it had produced its strongest quarterly sales performance.

Among leading shares Telecom edged up 1c to $.04, Fletcher Building was unchanged on $8.06, and Contact Energy was unchanged on $5.71.

Steel & Tube was down 2c to $2.45, The Warehouse lost 2c to $3.86, and Trustpower fell 2c to $7.38.

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In the United States, stocks drifted in the lightest trading volume of the year as few dared to place bets ahead of key companies' results later this week.

Bond markets and federal offices were closed in the US for the Columbus Day holiday.

The Dow Jones industrial average edged up 0.03 per cent to 11,010.11, the Standard & Poor's 500 Index inched up just 0.01 per cent to 1165.30, and the Nasdaq Composite Index gained 0.02 per cent to 2402.33.

- NZPA